Банкеръ Weekly



The future of the only briquetting factory in the Balkans is already entirely in the hands of the 22-old Iva Tsvetanova Tsvetkova. On Tuesday (July 12) the Supervisory Board of the Privatisation Agency (PA) approved the contract for the sale of Briquel EAD - Gulabovo to the Sofia-based company Kalista 2004, 100% owned by the young lady. The briquetting factory was sold at an open bidding tender on July 2 against BGNBGN29.2MN. The initial bidding price for the 1,219,642 shares (representing 100% of Briquel's capital) was set at BGN8.2MN. Eight candidates had filed documents for participation in the tender, but only four of them deposited the required BGN4MN and submitted conclusive offers: the Sofia-based Vives AD and Kalista 2004, and the Pernik-based Evrometalcommerce EOOD. The buyer of the briquetting factory has undertaken to maintain the company's line of activity and not reduce its share participation below 50% within five years, as well as not initiate or admit steps for the enterprise's liquidation. The new owner should also pay off Briquel's liabilities, the bulk of which are due to the Maritsa Iztok Mines. The PA refused the specify the amount as that information is confidential, but according to unofficial data, the debts are about BGN50MN. In addition, Ms. Tsvetkova is obliged to maintain a set quota for the production of briquettes and also bring the factory's technological capacities in compliance with the European directives for environmental protection and emissions of harmful gases.

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